As the bearish market trend continues, none of the top currencies are capable of noting small to medium-sized gains. One notable exception comes in the form of the NEM price, which seemingly rises without too many problems. Although its current gains are not that spectacular, it is good to see some positive momentum materialize today.
NEM Price Tries to Build Higher Support
In the world of cryptocurrency, there will always be a handful of markets which can do their own thing regardless of the overall market trend. NEM Appears to be one of those projects which currently bucks the overall bearish trend, although one has to wonder how long it will remain in place. Under normal circumstances, no coin can escape bitcoin’s grasp for very long when things head south.
Over the past few hours, there has been a notable change where the price is concerned. Although the 3.5% gain in both USD and BTC value is very impressive at this time, it doesn’t help either value move up that much. One XEM is valued at $0.0423, or 1,170 Satoshi. This small rise may be sufficient in terms of building support at higher levels.
One thing holding back the NEM run is the lack of overall trading volume. Although $17m in volume is still better than most altcoins on the market today, it is evident that might not be sufficient to sustain any form of uptrend. Nearly all of the volume comes from XEM/BTC pairs, which means bitcoin holders are chasing some quick profits during this downtime.
It would also appear some XEM traders are not too confident this uptrend will remain in place for long. AssertionError claims this trend has occurred multiple times over and always ended with a push downward. It is possible history will continue to repeat itself in this regard, albeit one never knows what the future will hold for alternative cryptocurrencies.
xem did this little A&E trick way to often… i don't believe you anymore !!
or is this time different ? but where is the volume ? (just kidding)
— AssertionError (@RecursionError)
In more positive news, it would appear some changes will be coming to the underpinning technology of NEM. A vote will be organized fairly soon. To streamline the process for all community members, some minor changes have been introduced. It is a positive sign in terms of building a future for this somewhat troubled project.
After careful consideration and discussions with NEM Foundation, we have decided to align the NEM Labs vote and run it at the same time. This will make voting easy for all :
— Paul Rieger (@PaulRieger)
All things considered, it remains to be determined what the future will hold in terms of NEM’s value. Considering how the overall market momentum is rather bearish, it is safe to assume NEM will follow a similar path overnight. However, if bitcoin were to resume its slow and steady bull trend again, this may only be the first step toward a bigger price increase for NEM.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com
Published at Thu, 14 Feb 2019 21:24:42 +0000
